Toyota Q2 FY2027 earnings review

Operating income rose 9.2% to ¥2,191.1B, and FY2027 operating income guidance rose ¥500.0B.

Toyota Motor Corporation · Q2 FY2027 · Published Nov 5, 2026 · By DeepCell AI · Sources

Toyota Q2 FY2027 earnings review

Six months ended September 30, 2026 (fiscal year ends March 31)

For information only, not investment advice. No rating or price target.

Built with DeepCell / deepcell.net

1 · Toyota (TM) Q2 FY2027 earnings review

Operating income rose 9.2% to ¥2,191.1B, and FY2027 operating income guidance rose ¥500.0B

  1. 1.Sales revenues rose 9.5% to ¥26,962.4B
  2. 2.Net income attributable to Toyota rose 26.1% to ¥2,236.4B
  3. 3.FY2027 operating income guidance was raised to ¥3,900.0B from ¥3,400.0B
  4. 4.Electrified Toyota and Lexus retail sales rose 14.2% to 2,811 thousand units
  5. 5.Tokyo-listed shares (7203.T) closed at ¥3,533 on Nov 5, +16.7% vs. the Nov 4 close

Note: Figures are IFRS. H1 FY2027 is April–September 2026, Toyota’s Q2 cumulative period. Prices are regular-session closes.Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; Yahoo Finance prices, Nov 4–5, 2026

2

2 · Executive summary

H1 operating income rose 9.2%, and net income attributable rose 26.1%

H1 FY2027 (six months ended Sep 30, 2026) vs H1 FY2026

MetricH1 FY2026H1 FY2027YoYDirection
Sales revenues¥24,630.7B¥26,962.4B+9.5%Higher
Operating income¥2,005.6B¥2,191.1B+9.2%Higher
Net income attributable to Toyota¥1,773.4B¥2,236.4B+26.1%Higher
Basic EPS attributable to Toyota¥136.07¥185.97+36.7%Higher
Q2 sales revenues¥12,377.4B¥13,437.0B+8.6%Higher
Q2 operating income¥839.5B¥1,127.6B+34.3%Higher

Share price reaction (Yahoo Finance)

ListingPrior closeLatest closeChangeChange (%)
Tokyo 7203.T (¥)¥3,028¥3,533+¥505+16.7%
NYSE ADR TM ($)$193.00$199.46+6.46+3.3%

Note: No named JPY consensus verified. Tokyo: Nov 4→5 closes. ADR: Nov 3→4 closes (Nov 5 US close not yet available).Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; Yahoo Finance 7203.T and TM

3

3 · H1 results vs. prior year

FY2027 operating income guidance was raised by ¥500.0B to ¥3,900.0B

FY2027 consolidated forecast vs prior guidance and FY2026

MetricPrior guidanceNew guidanceChange
Sales revenues¥54,000.0B¥53,500.0B-¥500.0B
Operating income¥3,400.0B¥3,900.0B¥+500.0B
Income before income taxes¥4,570.0B¥4,960.0B¥+390.0B
Net income attributable to Toyota¥3,250.0B¥3,570.0B¥+320.0B

Shareholder returns and volume

MetricAmount
Interim dividend per share¥50.00
Full-year dividend guidance¥100.00
Share repurchase authorization, FY total¥1,300.0B
Consolidated vehicle sales guidance9,700 thousand

Note: New guidance is as of Nov 5. Pretax guidance change is new less prior (¥390B). FOREX premise: ¥157/US$, ¥182/€.Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

4

4 · FY2027 guidance

Sales revenues rose 9.5% while operating income rose 9.2%

  1. Volume nearly flatVehicle sales 4,758k, 0.5% YoY.
  2. Attributable profit roseNet income attributable 26.1% to ¥2,236.4B.

Key figures

MetricH1 FY2026H1 FY2027YoY
Sales revenues¥24,630.7B¥26,962.4B9.5%
Operating income¥2,005.6B¥2,191.1B9.2%
Net income attributable to Toyota¥1,773.4B¥2,236.4B26.1%
Basic EPS attributable to Toyota¥136.07¥185.9736.7%

Note: IFRS, six months ended September 30 (FY2027 first half / Q2 cumulative).Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

5

5 · H1 key financials

Automotive operating income rose 7.6% to ¥1,598.2B

Sales revenues and operating income by segment

H1 FY2027

SegmentSales revenuesYoYOperating incomeYoY
Automotive¥23,981.1B+9%¥1,598.2B+8%
Financial services¥2,762.1B+19%¥472.4B+5%
All other¥938.9B+28%¥129.0B+87%
Consolidated¥26,962.4B+9%¥2,191.1B+9%
Financial services operating income rose 4.9%“Despite significant changes in the business environment, continuous improvement efforts supported higher profit and an upward revision to the FY2027 forecast.” Toyota FY2027 2Q presentation summary

Note: Segment sales revenues include inter-segment revenues; eliminations reconcile to consolidated sales revenues.Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

6

6 · Segment results

FOREX effects of ¥685.0B drove most of the 9.2% operating income rise

Operating income bridge

¥ billion, H1 FY2026 to H1 FY2027

¥B · H1 FY2026: 2,005.6¥B · FOREX rates: 685.0¥B · Cost reduction: -340.0¥B · Marketing: 165.0¥B · Expenses: -20.0¥B · Other: -304.6¥B · H1 FY2027: 2,191.0H1 FY2026FOREXratesCostreductionMarketingExpensesOtherH1 FY2027¥1,500.0M¥1,750.0M¥2,000.0M¥2,250.0M¥2,500.0M¥2,750.0M¥2,900.0M2,005.6685.0-340.0165.0-20.0-304.62,191.0
Cost reduction efforts subtracted ¥340.0B

Note: Steps follow Toyota’s operating income analysis. Cost reduction includes materials-price effects.Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

7

7 · Operating income bridge

Japan operating income rose 12.2% to ¥1,253.3B, the largest region

Geographic operating income

¥ billion, H1 FY2027

¥B · Japan: 1,253.3¥B · North America: 166.1¥B · Europe: 219.2¥B · Asia: 437.1¥B · Other: 200.9JapanNorth AmericaEuropeAsiaOther-¥200.0M¥500.0M¥1,000.0M¥1,400.0M1,253.3166.1219.2437.1200.9
North America operating income swung to ¥166.1B from a loss

Note: Geographic amounts include inter-segment revenues and are by location of the company or subsidiary.Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

8

8 · Geographic operating income

Automotive supplied ¥1,598.2B of ¥2,191.1B consolidated operating income

Segment operating income

¥ billion, H1 FY2027

¥B · Automotive: 1,598.2¥B · Financial services: 472.4¥B · All other: 129.0AutomotiveFinancial servicesAll other¥0.0M¥500.0M¥1,000.0M¥1,500.0M¥1,800.0M1,598.2472.4129.0
All other operating income rose 87.2%

Note: Automotive, Financial services and All other are Toyota’s reportable segments.Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

9

9 · Segment operating income

Operating margin was unchanged at 8.1%, while attributable margin rose

Margins

% of sales revenues, H1 FY2026 vs. H1 FY2027

Operating margin · H1 FY2026: 8.1%Operating margin · H1 FY2027: 8.1%Net income attributable margin · H1 FY2026: 7.2%Net income attributable margin · H1 FY2027: 8.3%H1 FY2026H1 FY20270.0%2.5%5.0%7.5%10.0%12.0%8.1%8.1%7.2%8.3%

Operating marginNet income attributable margin

Net income attributable margin rose to 8.3%

Note: Operating margin is operating income divided by sales revenues.Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

10

10 · Margin analysis

Operating cash flow fell 45.5% to ¥1,603.9B

Operating cash flow and capital expenditures

¥ billion, H1 FY2027

¥B · Operating cash flow: 1,603.9¥B · Capex: -882.4¥B · Free cash flow: 721.5Operating cash flowCapexFree cash flow¥0.0M¥500.0M¥1,000.0M¥1,500.0M¥2,000.0M1,603.9-882.4721.5
Treasury stock repurchases were ¥3,851.9B

Note: Capital expenditures are from the supplemental schedule. Free cash flow here is OCF less that capex figure.Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

11

11 · Free cash flow

Electrified retail sales rose 14.2% and reached 55.6% of Toyota and Lexus retail

Electrified Toyota and Lexus retail sales

Thousands of vehicles, H1 FY2027

000s · Electrified: 2,811.0000s · HEV: 2,450.0000s · BEV: 231.0ElectrifiedHEVBEV01,0002,0003,0002,811.02,450.0231.0
BEV retail sales rose 128.7% to 231 thousand

Note: HEV is hybrid electric vehicle; BEV is battery electric vehicle; PHEV is plug-in hybrid electric vehicle; FCEV is fuel cell electric vehicle. Electrified includes HEV, PHEV, BEV and FCEV. Prior-year retail includes Hino-brand vehicles.Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

12

12 · Electrified sales

Net cash fell ¥3,169.5B as treasury stock repurchases rose to ¥3,851.9B

Cash, debt and equity

¥ billion, Mar 31, 2026 vs. Sep 30, 2026

MetricMar 31, 2026Sep 30, 2026
Cash and cash equivalents¥12,659.6B¥9,484.5B
Total debt¥43,205.5B¥43,199.9B
Net cash (cash less total debt)(¥30,545.9B)(¥33,715.4B)
Toyota shareholders equity¥39,918.9B¥37,447.0B
Toyota equity was 36.7% of total assets

Note: Total debt is short-term and current long-term debt plus long-term debt. Net cash is this deck’s calculation.Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

13

13 · Balance sheet and debt

FY2027 operating income guidance of ¥3,900.0B rests on volume near 9,700 thousand and FOREX at ¥157/US$

Indicator
What to watch
Implication
Latest reading
Overseas volume
Sales revenues
Consolidated sales near flat
Overseas vehicles 2.1%
North America profit
Regional mix
Tariff and cost pressure
NA OI ¥166.1B
Buybacks and equity
Capital returns
Lower cash and equity
Buybacks ¥3,851.9B
FOREX premise
Operating income
Yen vs US$ and euro
H1 average ¥159/US$

Note: These are analytical watch points, not company targets. Toyota cites trade policy and currency as risk factors.Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

14

14 · Key risks to guidance

Appendix: segment and volume detail

ClaimEvidenceCalculation
Automotive sales revenues rose8.5% to ¥23,981.1BSegment note
Financial services sales revenues rose18.5% to ¥2,762.1BSegment note
Consolidated vehicle sales4,783k to 4,758k (0.5%)Financial summary
Japan vehicle sales rose5.6% to 1,024kFinancial summary
HEV retail sales rose8.3% to 2,450kPresentation retail table
Hino deconsolidation70 companies including Hino Motors were excluded from the scope of consolidationNotes to financial summary

HEV is hybrid electric vehicle. Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

15

15 · Appendix: Segment detail

Appendix: profit and margin detail

ClaimEvidenceCalculation
Operating margin8.1% to 8.1%Operating income over sales revenues
Attributable margin7.2% to 8.3%Net income attributable over sales revenues
Effective tax rate25.5% to 22.0%Income tax expense over pretax income
Equity-method earnings rose¥272.6B to ¥358.4BIncome statement
Other finance income rose¥292.7B to ¥1,007.9BIncome statement
Basic EPS rose¥136.07 to ¥185.97Attributable to Toyota

Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

16

16 · Appendix: Profit and margins

Appendix: guidance and cash detail

ClaimEvidenceCalculation
Operating income guidance vs FY20263.6% (¥3,900.0B vs ¥3,766.2B)New forecast
Guided operating margin7.3%Guidance OI over guidance sales
Operating cash flow¥2,944.6B to ¥1,603.9BCash flow statement
Capital expenditures¥922.8B to ¥882.4BSupplemental schedule
Dividends paid to Toyota shareholders¥651.7BCash flow statement
Share repurchase authorization increase¥300.0B (FY total ¥1,300.0B)Presentation

Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

17

17 · Appendix: Guidance and cash

Appendix: geographic and FOREX detail

ClaimEvidenceCalculation
Japan operating income rose12.2% to ¥1,253.3BGeographic note
North America operating income(¥67.8B) to ¥166.1BGeographic note
Europe operating income rose9.2% to ¥219.2BGeographic note
Asia operating income fell1.6% to ¥437.1BGeographic note
H1 average FOREX¥159/US$ and ¥184/€ (vs ¥146 and ¥168 in H1 FY2026)Presentation
FY2027 FOREX premise¥157/US$ and ¥182/€New forecast

Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

18

18 · Appendix: Regions and FX

Appendix: income statement detail

Income statement

¥ billionH1 FY2026H1 FY2027
Sales revenues¥24,630.7B¥26,962.4B
Operating income¥2,005.6B¥2,191.1B
Income before income taxes¥2,478.1B¥2,954.4B
Net income attributable to Toyota¥1,773.4B¥2,236.4B

Per-share and volume

UnitH1 FY2026H1 FY2027
Basic EPS attributable to Toyota (¥)¥136.07¥185.97
Consolidated vehicle sales (thousands)4,7834,758
Electrified retail sales (thousands)2,4612,811
Electrified share of Toyota and Lexus retail46.7%55.6%

Source: Toyota IR financial summary, Nov 5, 2026; Toyota IR presentation, Nov 5, 2026; analysis of company data

19

19 · Appendix: Income statement

Appendix: sources

  • Financial Summary FY2027 Semi-Annual (IFRS), Nov 5, 2026 — https://global.toyota/pages/global_toyota/ir/financial-results/2027_2q_summary_en.pdf
  • FY2027 Second Quarter Financial Results presentation, Nov 5, 2026 — https://global.toyota/pages/global_toyota/ir/financial-results/2027_2q_presentation_en.pdf
  • Press briefing notice, Nov 5, 2026 — https://global.toyota/en/newsroom/corporate/44911706.html
  • Consensus: none shown. No JPY consensus for H1 or Q2 FY2027 could be verified from a named vendor (LSEG, FactSet or Zacks).
  • Share price (Tokyo): Yahoo Finance 7203.T, Nov 4 and Nov 5, 2026 closes — https://finance.yahoo.com/quote/7203.T/history/
  • Share price (ADR): Yahoo Finance TM, Nov 3 and Nov 4, 2026 closes — https://finance.yahoo.com/quote/TM/history/
  • Accounting: IFRS Accounting Standards. Toyota’s fiscal year ends March 31; Q2 FY2027 cumulative is the six months ended September 30, 2026.
  • Operating figures are in Japanese yen. Tokyo prices (7203.T) are in yen; NYSE ADR (TM) prices are in US dollars and are labelled separately.
  • Geographic operating income on the charts includes valuation gains and losses relating to swaps, matching Toyota’s presentation footnote.
  • Capital expenditures on the cash slide follow Toyota’s supplemental schedule (excluding vehicles in operating lease and right-of-use assets).
  • Net cash and free cash flow are this deck’s calculations from reported IFRS figures.
  • Chart and table values link to the model in the spreadsheet tabs of this file.

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20

20 · Sources

Important disclosures and disclaimer

For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.

No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.

Sources and accuracy. Company figures come from Toyota Motor Corporation's FY2027 Semi-Annual Financial Summary and FY2027 Second Quarter presentation dated November 5, 2026. Share prices are from Yahoo Finance. We have not independently verified third-party data.

Basis of presentation. Figures are IFRS for the six months ended September 30, 2026 and 2025, in Japanese yen. ¥ billion amounts are rounded from yen-in-millions statements.

Forward-looking statements. Company guidance and the watch items in this deck are forward-looking. They rest on assumptions that may prove wrong, and actual results may differ materially.

Calculated measures. Net cash, free cash flow, margins and electrified share are calculated in this deck from reported IFRS figures. They may differ from measures used by other companies.

Currency and listings. Operating figures are in yen. Tokyo prices (7203.T) are in yen; NYSE ADR (TM) prices are in US dollars and are labelled separately.

No liability. No liability is accepted for any direct or indirect loss arising from the use of this presentation or its contents.

No affiliation. This presentation is not affiliated with, reviewed or endorsed by Toyota Motor Corporation. Company names belong to their owners.

How it was made. The deck was built with DeepCell, with figures linked to a model in the file. Readers should check the figures against the original filings.

Date of analysis. The analysis reflects information available on November 5, 2026, after the Tokyo close and before the Nov 5 US close.

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21

21 · Disclosures

Sources

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